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Australian Stock Market Trades Higher On Wall Street Cues 11 days ago
(RTTNews) - Tracking cues from Wall Street where stocks had rallied sharply overnight on indications from the G20 finance ministers that their economic stimulus measures will remain in place until the global economic recovery is assured, the Australian stock market is trading notably higher on Tuesday.
Stocks cutting across various sectors are seen moving higher in morning trades. Financials, energy, materials, industrials and information technology stocks are among the prominent gainers.
The benchmark S&P/ASX 200 index, which rallied to 4,757 after opening firm, is currently up 56.2 points at 4,731. The broader All Ordinaries index is trading at 4,743, up 56.50 points over its previous close.
The benchmark S&P/ASX200 Index rose 80.90 points, or 1.76% to close at 4,675, while the All-Ordinaries Index ended at 4,686, representing a gain of 82.10 points, or 1.78%.
Top miners BHP Billiton and Rio Tinto are trading stronger by 2.3% and 2.7%, respectively. Newcrest Mining is up by about 1%. Other materials stocks Bluescope Steel, Orica, Lihir Gold, Incitec Pivot and Fortescue Metals are also trading firm.
Energy stock Woodside Petroleum is up 2.3%. Origin Energy, Oil Search and Santos are trading higher by 0.8%-1.3%.
In the banking space, ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation are trading higher by 1%-2%. Diversified financials stock Macquarie Group is also up in positive territory with a gain of 1.5%.
Insurance Australia Group Ltd says its 2009 results were encouraging and reaffirmed full year guidance. The stock is up with a modest gain of 0.6%.
On the economic front, a survey from the National Australia Bank reveals business confidence is looking up again after dipping in September. The National Australia Bank's monthly survey said business confidence increased by two index points to plus 16 points in October. The bank revised up its 2009 and 2010 growth forecasts on the strength of the survey confidence following a rebound over the past half year.
In the currency market, the Australian dollar opened notably higher. In early trades, the Aussie was quoting at US$0.9299-US$0.9301, up from Monday's close of US$0.9249-US$0.9252.
Among other stock markets in the Asia-Pacific region, Japan, Korea, Taiwan and Singapore are trading with notable gains. However, the New Zealand market is trading in negative territory with a small loss. Markets across the region had closed higher on Monday.
On Wall Street, stocks moved up sharply on Monday and lifted the Dow to its best closing level in over a year. The strength in the markets was partly due to optimism generated by indications from the G20 finance ministers that their economic stimulus measures will remain in place until the global economic recovery is assured.
While the Dow finished stronger by 203.5 points, or 2%, at 10,227, the Nasdaq gained 41.6 points, or 2%, to close at 2,154, and the S&P 500 advanced to 1,093, gaining 23.8 points, or 2.2% for the day.
Major European markets closed notably higher on Monday. While U.K.'s FTSE 100 and the French CAC 40 Index both gained 2.1% percent, the German DAX index ended higher by 2.4%.
Crude oil prices surged toward US$80 per barrel on Monday, boosted by a weaker dollar and concerns over Hurricane Ida, which is threatening the Gulf Coast. Light sweet crude oil for December delivery moved to US$79.43 per ounce, up US$2 for the session.
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